The development site located at 59 Route 10 in East Hanover is set to become the High Point on 10 cold-storage project. The site will feature a 584,000-square-foot facility, which includes a 380,000-square-foot cold-storage area leased to RealCold. The project is expected to be completed in early 2026.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $135,000,000
• Lender: Bryan Donahue - Ares Commercial Real Estate Management
• Landlord: Related Fund Management
• Co-Landlords: Jonathan Schultz & John Saraceno, Jr. - Onyx Equities; Ed Russo - Russo Development
• Brokers: Jonathan Firestone, Jordan Roeschlaub & Nick Scribani - Newmark
• Loan Type: Construction

The joint venture, consisting of Related Fund Management, Onyx Equities, and Russo Development, successfully secured $135 million in construction financing from Ares Commercial Real Estate Management, facilitating the development of this significant project.